이슬람 국가 수쿠크 사용과 기업 부채조달 행태: 말레이시아 사례

• 영문명: Issuing Sukuk Bonds and Debt Financing in Islamic Countries: Evidence from Malaysian Firms
• 발행기관: 한국중동학회
• 저자명: 양오석(Yang Oh Suk) 김병호(Kim Byeong Ho)
• 간행물 정보: 『한국중동학회논총』제40권 제1호, 25~48쪽, 전체 24쪽
• 주제분류: 사회과학 > 지역학
• 파일형태: PDF
• 발행일자: 2019.06.30

영문 초록

This paper examines the strategy to procure liquidity by issuing Sukuk, i.e. Islamic bond, in Malaysia, which due to the speed and volume of issuing Sukuk the attention has been paid to. The guiding research question is whether Malay companies prefer Sukuk to general liabilities due to its positive impact on firm profitability. The empirical data for Malay publicly listed companies in manufacturing has been collected from Osiris covering the year of 2003-2017, and the analysis has been done by usning yearly time series and longitudinal data. Employing the fixed effect panel model, the main findings of this study are as follows: first, financing by issuing Sukuk(noncurrent) has been positively associated with the financial performance such as ROIC and ROE. In contrast, It has been negatively associated with the market performance such as PBR and PER. Second, as for financial performance concerned, Malay companies prefer Sukuk(noncurrent) to equity or long-term liability. In contrast, for market performance they prefer the latters. As such, it is possible to conclude that pecking order theory works in the financing strategy of Malay companies.

목차

I. 서론

Ⅱ. 이론적 배경 및 주요 가설

Ⅲ. 연구방법

Ⅳ. 분석결과

Ⅴ. 토론

VI. 결론

참고문헌

키워드

Malaysia Current Sukuk Noncurrent Sukuk Pecking Order Theory Optimal Capital Structur 말레이시아 유동 수쿠크 비유동 수쿠크 자본조달순위 최적자본구조